Access Engineering PLC...Cash and cash equivalent at 31st March 2,158,599,384 829,386,236 1,075,663,900 577,006,066 Cash and cash equivalent includes bank overdrafts that are repayable

Access Engineering PLCFinancial Statements

For the Year Ended 31st March 2019

ACCESS ENGINEERING PLCSTATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOMEFOR THE PERIOD ENDED 31ST MARCH 2019

In LKR 2019 2018 2019 2018 2019 2018 2019 2018Unaudited Audited Unaudited Audited Unaudited Audited Unaudited Audited

Re-stated Re-stated

Revenue 10,677,982,000 7,021,765,895 32,252,652,766 26,055,590,803 5,541,361,415 4,633,949,457 19,356,105,576 17,937,033,665

Cost of sales (9,161,727,323) (5,985,043,879) (27,079,737,885) (21,994,429,511) (4,632,130,539) (4,191,250,373) (16,183,403,344) (15,126,447,918)

Gross profit 1,516,254,677 1,036,722,016 5,172,914,881 4,061,161,292 909,230,876 442,699,084 3,172,702,232 2,810,585,747

Other income 76,357,190 2,457,159,133 473,252,233 2,519,087,363 (21,063,047) 553,231,509 647,816,175 724,888,499

Administrative expenses (503,100,002) (618,321,188) (1,840,813,640) (1,893,465,924) (211,647,917) (164,082,412) (766,026,997) (669,681,707)

Other expenses (15,414,725) (39,520,381) (30,957,935) (63,358,073) (13,741,814) (12,010,246) (24,951,304) (28,955,917)

Operating profit 1,074,097,140 2,836,039,579 3,774,395,539 4,623,424,658 662,778,098 819,837,936 3,029,540,106 2,836,836,622

Net finance cost (134,567,045) (118,883,008) (650,649,656) (382,588,880) (94,848,449) (127,511,425) (484,948,694) (445,810,818)

Share of results of equity-accounted investees, net of tax 738,420 (12,190,285) (86,480) (9,671,067) - - - -

Profit before tax 940,268,515 2,704,966,287 3,123,659,403 4,231,164,711 567,929,649 692,326,511 2,544,591,412 2,391,025,804

Income tax expenses (164,561,644) (1,399,874,687) (687,415,259) (1,768,468,525) (131,210,942) (314,649,898) (549,258,780) (483,094,897)

Group CompanyQuarter ended 31st March Year ended 31st March Quarter ended 31st March Year ended 31st March

1

Profit for the period 775,706,871 1,305,091,600 2,436,244,144 2,462,696,186 436,718,707 377,676,613 1,995,332,632 1,907,930,907

Profit attributable to:

Equity holders of the parent 672,571,264 1,309,863,801 2,327,441,818 2,507,213,674 436,718,707 377,676,613 1,995,332,632 1,907,930,907

Non-controlling interest 103,135,607 (4,772,201) 108,802,326 (44,517,488) - - - -

Profit for the period 775,706,871 1,305,091,600 2,436,244,144 2,462,696,186 436,718,707 377,676,613 1,995,332,632 1,907,930,907

Other comprehensive income

Items that will not be reclassified to profit or loss

Remeasurement of defined benefit liability 17,776,120 (25,988,237) 16,175,486 (19,122,325) 20,697,533 (29,118,468) 15,447,533 (23,988,146)Revaluation of Land and Buildings - - - 211,524,251 - - - - Related tax (6,224,274) (92,987,204) (4,754,274) (94,598,099) (5,795,309) (36,357,479) (4,325,309) (37,793,969)

Other comprehensive income for the period, net of tax 11,551,846 (118,975,441) 11,421,212 97,803,827 14,902,224 (65,475,947) 11,122,224 (61,782,115)

Total comprehensive income for the period, net of tax 787,258,717 1,186,116,159 2,447,665,356 2,560,500,013 451,620,931 312,200,667 2,006,454,856 1,846,148,792

Total comprehensive income attributable to;

Equity holders of the parent 685,042,116 1,190,007,500 2,339,034,856 2,604,018,339 451,620,931 312,200,667 2,006,454,856 1,846,148,792

Non-controlling interest 102,216,601 (3,891,341) 108,630,500 (43,518,326) - - - -

Total comprehensive income for the period, net of tax 787,258,717 1,186,116,159 2,447,665,356 2,560,500,013 451,620,931 312,200,667 2,006,454,856 1,846,148,792

Basic earnings per share 0.67 1.31 2.33 2.51 0.44 0.38 2.00 1.91

The Accounting Policies and Notes form an integral part of these Financial Statements.Figures in brackets indicate deductions.

1

ACCESS ENGINEERING PLCSTATEMENT OF CHANGES IN EQUITYFOR THE PERIOD ENDED 31ST MARCH 2019

Group Stated capital Revaluation reserve Retained earnings Total Non-controlling

interests Total equity

In LKR

Balance at 01st April 2017 9,000,000,000 249,969,954 9,589,746,941 18,839,716,895 2,711,502,144 21,551,219,039

Prior year adjustment (424,314,879) (424,314,879) - (424,314,879)

Restated total equity as at 01st April 2017 9,000,000,000 249,969,954 9,165,432,062 18,415,402,016 2,711,502,144 21,126,904,160

Profit for the year - - 2,507,213,674 2,507,213,674 (44,517,488) 2,462,696,186

Other comprehensive income for the year, net of tax - 154,728,491 (57,923,826) 96,804,665 999,162 97,803,827

Total comprehensive income for the year - 154,728,491 2,449,289,848 2,604,018,339 (43,518,326) 2,560,500,013

Cash dividends - - (1,200,000,000) (1,200,000,000) - (1,200,000,000)Dividend paid to non-controlling interest - - - - (42,654,575) (42,654,575)Acquisition of NCI-Harbour Village (Private) Limited - - (26,808,698) (26,808,698) (425,573,802) (452,382,500)

Non-controlling interest of SMLF right issue - - - - 99,970,032 99,970,032

Balance at 31st March 2018 9,000,000,000 404,698,445 10,387,913,212 19,792,611,657 2,299,725,473 22,092,337,130

Change in accounting policy - - (243,036,737) (243,036,737) (1,333,739) (244,370,476)

Restated total equity as at 01st April 2018 9,000,000,000 404,698,445 10,144,876,475 19,549,574,920 2,298,391,734 21,847,966,654

Profit for the year - - 2,327,441,818 2,327,441,818 108,802,326 2,436,244,144

Other comprehensive income for the year, net of tax - - 11,593,038 11,593,038 (171,826) 11,421,212

Total comprehensive income for the year - - 2,339,034,856 2,339,034,856 108,630,500 2,447,665,356

Cash dividends - - (500,000,000) (500,000,000) - (500,000,000)

Disposal of Subsidiary - Horizon Knowledge City Limited - (146,046,240) 146,061,660 15,420 (15,420) -

B l t 31 t M h 2019 9 000 000 000 258 652 205 12 129 972 991 21 388 625 196 2 407 006 814 23 795 632 010

Attributable to equity holders of the parent

3

Balance at 31st March 2019 9,000,000,000 258,652,205 12,129,972,991 21,388,625,196 2,407,006,814 23,795,632,010

Company Stated capital Revaluation reserve Retained earnings Total

In LKR

Balance at 01st April 2017 9,000,000,000 183,737,473 8,037,739,070 17,221,476,543

Profit for the year - - 1,907,930,907 1,907,930,907

Other comprehensive income for the year, Net of tax - (31,077,288) (30,704,827) (61,782,115)

Total comprehensive income for the year - (31,077,288) 1,877,226,080 1,846,148,792

Cash dividends - - (1,200,000,000) (1,200,000,000)

Balance at 31st March 2018 9,000,000,000 152,660,185 8,714,965,150 17,867,625,335

Change in accounting policy - - (237,701,781) (237,701,781)

Restated total equity as at 01st April 2018 9,000,000,000 152,660,185 8,477,263,369 17,629,923,554

Profit for the year - - 1,995,332,632 1,995,332,632

Other comprehensive income for the year, net of tax - - 11,122,224 11,122,224

Total comprehensive income for the year - - 2,006,454,856 2,006,454,856

Cash dividends - - (500,000,000) (500,000,000)

Balance at 31st March 2019 9,000,000,000 152,660,185 9,983,718,225 19,136,378,410


3

ACCESS ENGINEERING PLC

STATEMENT OF CASH FLOWSFOR THE PERIOD ENDED 31ST MARCH 2019

For the Year Ended 31st March 2019 2018 2019 2018Unaudited Audited Unaudited Audited

In LKROperating activitiesProfit before tax 3,123,659,403 4,231,164,711 2,544,591,412 2,391,025,804

Depreciation of property plant and equipment 1,077,445,413 1,023,382,343 873,104,851 851,258,202 Amortisation and impairment of intangible assets 34,591,800 30,361,220 9,169,035 9,218,382 Provision for employee benefits 60,195,683 50,516,729 46,824,048 35,142,287 Provision for / write off of bad and doubtful debts / inventories 74,763,674 130,765,822 22,515,340 6,567,615 Gain on fair value changes of Investment properties - (2,303,297,521) - - Loss on fair value changes of short-term investments 9,791,387 490,247 9,791,387 490,247 Gain on disposal of property, plant and equipment (53,817,518) (27,798,224) (40,531,996) (20,033,264) (Gain)/Loss on disposal of subsidiary 5,977,460 - (140,010,000) - (Gain)/Loss on disposal of joint venture (6,427,534) - - - Amortisation of Government Grant (219,389) (219,389) - - Share of results of equity-accounted investees, net of tax 86,480 9,671,067 - - Dividend income (1,340,836) (1,486,092) (332,979,009) (560,181,409) Net finance cost 650,649,656 382,588,880 484,948,694 445,810,818 Operating profit before working capital changes 4,975,355,679 3,526,139,793 3,477,423,762 3,159,298,682 Working capital adjustments:(Increase) / decrease inventories (493,479,687) (827,298,687) 167,488,182 (643,168,517) Increase trade and other receivables (2,588,681,110) (2,504,459,891) (1,444,269,784) (1,775,499,492) Increase other current financial assets (503,042,674) (373,461,742) (455,748,912) (408,019,089) (Increase) / decrease amounts due from related parties 72,736,462 (91,061,774) (172,773,121) 1,130,298,551 Increase trade and other payables 2,020,075,512 2,271,342,719 936,379,936 1,674,612,130 Increase / (decrease) amounts due to related parties (45,098,220) 1,250,779 248,449,982 (39,038,634) Cash generated from operating activities 3,437,865,962 2,002,451,196 2,756,950,045 3,098,483,631

Group Company

Adjustments to reconcile profit before tax to net cashflows:

4

Interest paid (1,064,152,279) (914,019,607) (668,102,364) (599,432,728) Income tax paid (338,370,022) (444,242,262) (167,987,537) (253,327,198) Gratuity paid (21,043,035) (13,995,161) (16,199,792) (5,547,950) Net cash flows generated from operating activities 2,014,300,626 630,194,166 1,904,660,352 2,240,175,755

Investing ActivitiesPurchase of property, plant and equipment (1,186,803,567) (1,590,188,328) (704,596,317) (787,457,805) Purchase of intangible assets (39,996,158) (12,851,960) (3,392,293) - Purchase of investment properties (15,243,007) (6,886,444) - - Purchase of investment properties - work in progress (95,746,210) (2,011,061,524) - - Proceeds from sale of property, plant and equipment 123,593,449 57,816,286 74,697,137 20,594,720 Proceeds from sale of investments 39,850,000 - - - Proceeds from sale of subsidiary 762,119,876 - 765,000,000 - Proceeds from sales of joint venture 300,000,000 300,000,000 - Investment in subsidiary - - (126,572,560) (3,373,427,440) (Investment in)/withdrawal from short term deposits (121,715,019) 880,875,182 (195,686,786) 763,018,269 Dividend received 1,340,836 1,486,092 332,979,009 560,181,409 Interest received 395,800,666 455,566,774 151,569,292 121,164,348 Net cash flows generated from / (used in) investing activities 163,200,866 (2,225,243,922) 593,997,482 (2,695,926,499)

Financing activitiesDividends paid to equity holders of the parent (500,000,000) (1,200,000,000) (500,000,000) (1,200,000,000) Dividend paid to non-controlling interests - (42,654,575) - - Acquisition of non-controlling interests - (452,382,500) - (452,382,500) Proceeds from issue of shares to non-controlling interest - 99,970,032 - - Proceeds from borrowings 12,028,769,447 11,392,330,318 5,011,000,000 4,446,960,917 Repayment of borrowings (12,370,941,651) (8,040,907,775) (6,511,000,000) (2,542,000,000) Payment of finance lease liabilities (6,116,140) (3,116,300) - - Net cash flows generated from / (used in) financing activities (848,288,344) 1,753,239,201 (2,000,000,000) 252,578,417

Increase /(decrease) in cash and cash equivalents 1,329,213,148 158,189,445 498,657,834 (203,172,327) Cash and cash equivalent at the beginning 829,386,236 671,196,791 577,006,066 780,178,393 Cash and cash equivalent at 31st March 2,158,599,384 829,386,236 1,075,663,900 577,006,066

Cash and cash equivalent includes bank overdrafts that are repayable on demand and form an intergal part of the Group's cash management.


4

ACCESS ENGINEERING PLCNOTES TO THE FINANCIAL STATEMENTSFOR THE PERIOD ENDED 31ST MARCH 2019

01 Basis of Preparation

022.1 Prior year adjustment

Adjustment

Profit before tax 4,231,164,711 - 4,231,164,711 Income tax expense (1,204,849,540) (563,618,985) (1,768,468,525)P fit f th 3 026 315 171 (563 618 985) 2 462 696 186

Re-stated Amount

Statement of Profit or Loss for the year ended 31st March 2018

The financial statements of the Company have been prepared in accordance with Sri Lanka Accounting Standards comprising of SLFRS and LKAS (hereafter referred as “SLFRS”), as issued by the Institute of Chartered Accountants of Sri Lanka. Accordingly the Interim Financial Statements of the Company have been prepared in accordance with Sri Lanka Accounting Standard - LKAS 34 – Interim Financial Reporting.

The preparation and presentation of these financial statements are in compliance with the Companies Act No. 07 of 2007.These interim condensed financial statements should be read in conjunction with the annual financial statements for the year ended 31st March 2018 except for changes required due to adoption of following standard.SLFRS 15 ‘Revenue from Contracts with Customers’ establishes a five-step model to account for revenue arising from contracts with customers. Under SLFRS 15, revenue is recognized at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer. The new revenue standard will supersede all current revenue recognition requirements under SLFRS (LKAS 18 Revenue and LKAS 11 Construction Contracts).

As per the financial reporting ruling issued by the Institute of Chartered Accountants of Sri Lanka on the application of deferred tax for entities enjoying tax holiday period, if an entity is enjoying a tax exemption period, it shall recognize deferred tax in their Financial Statements for temporary diferrences, where reversals of such diferrences extend beyond the tax exemption period. However in the previous years, Access Realities (Private) Limited and Access Realities 2 (Private) Limited have not estimated deferred tax liability on the temporary difference of business assets (buildings). This error has been now corrected retrospectively in accordance with Sri Lanka Accounting Standard 08, "Accounting policies, changes in accounting estimates and errors”. The effect of the restatement on the Group Consolidated Financial Statement is summarised below.

Previously Reported Amount

Prior Year Adjustment and Changes in Accounting Policies

Group

Profit for the year 3,026,315,171 (563,618,985) 2,462,696,186

Statement of financial positionDeferred tax liabilitiesBalance as at 01 April 2017 284,042,411 424,314,879 708,357,290 Balance as at 01 April 2018 1,157,536,815 987,933,864 2,145,470,679

Retained earningsBalance as at 01 April 2017 9,589,746,941 (424,314,879) 9,165,432,062 Balance as at 01 April 2018 11,375,847,076 (987,933,864) 10,387,913,212

2.2 Changes in Accounting PoliciesTransition to SLFRS 15-Revenue from Contracts with Customers

03 Related Party Transactions

For the Period Ended 31st March 2019 2018 2019 2018Transactions with related partiesIn LKRConstruction of investment properties - - - 2,180,618,535 Sales of goods and services 995,982,403 437,115,493 1,007,813,603 406,415,010 Purchases of goods and services (207,116,166) (536,121,572) (267,018,161) (1,038,512,990) Dividend income - - 331,638,173 558,694,809

- - (126,572,560) (3,373,427,440) Acquisition of NCI - Harbour Village (Private) Limited - - - (452,382,500) Purchase of plants and equipments (162,050) (2,077,845) (327,554,604) (8,824,475)

04 Investment in Subsidiary

Investment in shares - Access Realities (Private) Limited

The Company has further invested LKR. 126,572,560/- in share capital of Access Realties (Private) Limited which is a fully owned subsidiary.

Group Company

Changes in accounting policies resulting from the adoption of SLFRS 15-Revenue from Contracts with customers have been adopted with effect from 01st April 2018.

Comparative periods have not been restated. The total amount of adjustment is recognised in retained earnings and non controlling interest amounting to LKR.243,036,737/- and LKR.1,333,739/- respectively at the Group and amounting to LKR.237,701,781/- in retained earning at the Company Level as at 1st April 2018. Accordingly, the information presented for 2018 does not reflect the requirements of SLFRS 15-"Revenue from Contracts with Customers" and therefore is not comparable to the information presented for 2019 under SLFRS 15-Revenue from Contracts with Customers".

5


05 Disposal of Subsidiaries and Joint Venture

01 Horizon Knowledge City Limited 62,499,000 99.998 765,000,000 02 Horizon Holdings (Private) Limited 7,770,000 50 300,000,000 03 29,000,000 100 475,000,000

06 Events after the Reporting Period

Final Dividend

07 Contingent Liabilities

07.1 Bank guarantees issued by the banks on behalf of the Company as at 31st March 2019 are as follows.

On 20th April 2018, the company entered in to an agreement to sell the following subsidiaries and joint ventures on a given purchase consideration.

Number Name of the Company No of Shares Held by AEL

% of Shares Held by AEL

Sales Consideration

LKR.

Horizon Holdings Ventures (Private) Limited

Sales consideration for the Horizon Knowledge City Limited and Horizon Holdings (Private) Limited has been fully paid and ownership has been transferred on 31st August 2018 and 27th March 2019.

There have been no material events after the Reporting date except for the following, that would require adjustments to or disclosure in the Financial Statements.

There were no changes in the nature of the contingent liabilities since the publication of Annual Report for the year ended 31st March 2018 except for the following:

According to resheduled payment plan, Company will receive the balance sales consideration during the first six months period of the financial year 2019/20.

Pursuant to the resolution adopted on 21st May 2019, the Board of Directors of the Company approved the payment of a final dividend of twenty five cents (0.25 cents) per share amounting to Rs.250,000,000/- for the year ended 31st March 2019.

In accordance with the LKAS 10- Events after the reporting period,the final dividend has not been recognised as a liability in the financial statements as at 31st March 2019.

07.1 Bank guarantees issued by the banks on behalf of the Company as at 31st March 2019 are as follows.LKR.

Nations Trust Bank PLC 458,850,580 Hatton National Bank PLC 3,508,150,000 Sampath Bank PLC 126,330,000 Bank of Ceylon 381,870,023 People's Bank 2,003,218,605 Union Bank of Colombo PLC 32,229,049 National Development Bank PLC 712,519,861 Commercial Bank of Ceylon PLC 238,070,165 Cargills Bank Limited 725,857,251 Seylan Bank PLC 605,057,687

8,792,153,221

Corporate Guarantees issued by the Company on behalf of Access Projects (Private) Limited for banking facilities is Rs 250Mn.

6


08 Business Segment

Construction Property Automobile Adjustments and

eliminations Group totalFor the Period Ended 31st March 2019 (Unaudited)In LKR

RevenueExternal customers 17,656,309,122 3,049,723,377 748,075,687 10,798,544,580 - 32,252,652,766 Inter segment 478,188,355 1,390,177,802 73,501,364 327,215,398 (2,269,082,919) - Total revenue 18,134,497,477 4,439,901,179 821,577,051 11,125,759,978 (2,269,082,919) 32,252,652,766

Segment operating profit 2,717,628,151 466,818,182 553,431,241 596,712,578 (560,194,613) 3,774,395,539 Net finance income / (cost) (532,113,631) - 180,305,158 (298,841,183) - (650,649,656) Share of results of equity accounted investees, net of tax (Note 8.1 ) - - - - (86,480) (86,480) Income tax expense (549,258,780) - (24,220,364) (105,705,985) (8,230,131) (687,415,259) Segment profit 1,636,255,740 466,818,182 709,516,035 192,165,410 (568,511,224) 2,436,244,144

Capital expenditure 716,087,351 17,065,290 187,225,923 451,263,785 (33,853,408) 1,337,788,941 Depreciation and amortisation 758,404,816 156,344,265 41,648,802 138,200,205 17,439,124 1,112,037,213

As at 31st March 2019 (Unaudited)Segment assets 34,222,719,506 2,259,463,804 17,899,572,184 7,027,928,810 (13,275,339,944) 48,134,344,360 Segment liabilities 16,270,722,493 779,220,769 3,131,440,616 4,962,587,850 (805,259,378) 24,338,712,350

Construction related material

7

Construction Property AutomobileAdjustments and

eliminations Group total For the Period Ended 31st March 2018 (Audited) Re-stated Re-statedIn LKRRevenueExternal customers 14,782,024,192 2,608,487,087 496,717,441 8,168,362,083 - 26,055,590,803 Inter segment 1,963,445,725 1,211,541,003 57,908,843 8,535,450 (3,241,431,021) - Total revenue 16,745,469,917 3,820,028,090 554,626,284 8,176,897,533 (3,241,431,021) 26,055,590,803

Segment operating profit 1,896,582,544 352,026,399 2,571,130,522 635,497,744 (831,812,551) 4,623,424,658 Net finance income / (cost) (507,008,069) - 229,619,179 (105,199,990) - (382,588,880) Share of results of equity accounted investees, net of tax (Note 8.1 ) - - - - (9,671,067) (9,671,067) Income tax expense (466,088,583) - (1,210,877,437) (43,843,024) (47,659,481) (1,768,468,525) Segment profit 923,485,892 352,026,399 1,589,872,264 486,454,730 (889,143,099) 2,462,696,186

Capital expenditure 496,677,275 296,645,259 2,275,896,064 551,769,658 - 3,620,988,256 Depreciation and amortisation 758,368,097 141,796,297 12,621,961 123,865,377 17,091,831 1,053,743,563

As at 31st March 2018 (Audited)Segment assets 32,625,264,466 1,968,314,299 17,654,686,394 5,381,964,100 (13,191,463,707) 44,438,765,552 Segment liabilities 15,775,750,995 755,413,393 2,611,613,190 3,509,950,022 (306,299,178) 22,346,428,422

08.1 Share of Results of Equity Accounted Investees, Net of Tax

For the Period Ended 31st March 2019 2018 2019 2018 2019 2018 2019 2018In LKR Unaudited Audited Unaudited Audited Unaudited Audited Unaudited Audited

Share of profit, net of tax 27,269,228 11,074,023 (1,855,822) (1,064,987) (25,499,887) (19,680,103) (86,480) (9,671,067)27,269,228 11,074,023 (1,855,822) (1,064,987) (25,499,887) (19,680,103) (86,480) (9,671,067)

Total

Construction related material

ZPMC Lanka Company (Private ) Limited Horizon Holdings (Private) Limited Blue Star Realties (Private) Limited

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09 Share Information

09.1 Public Share Holdings

As at 31st March 2019Public shareholding (%) 41.934Public shareholders 7,206 Compliant under option 3 - Float adjusted market capitalization (LKR Mn) 5,451

09.2 Directors Share HoldingsThe number of shares held by the Board of Directors as at 31st March 2019 are as follows.

Number of Shares %

Mr. S J S Perera 250,000,000 25%Mr. R J S Gomez 75,130,325 7.51%Mr. J C Joshua 101,000,000 10.1%Mr. S H S Mendis 24,000,000 2.4%Mr. D A R Fernando 24,000,000 2.4%Mr. S D Munasinghe 24,000,000 2.4%Mr. S D Perera 2,000,000 0.2%Prof. K A M K Ranasinghe 100 0.00%Mr. N D Gunaratne Nil NilMr. D S Weerakkody 10,000 0.00%

09.3 Twenty largest shareholders of the company as at 31st March 2019 are as follows.

Percentage of shares held by the public and the number of public shareholders are as follows.

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Number of Shares %1 Mr. S J S Perera 250,000,000 25.00%2 Mr. J C Joshua 101,000,000 10.10%3 Mr. R J S Gomez 75,130,325 7.51%4 Mrs. R M N Joshua 70,000,000 7.00%5 Mr. S J S Perera 50,811,814 5.08%6 Mrs. D R S Malalasekera 45,000,000 4.50%7 Foresight Engineering (Private) Limited 30,000,000 3.00%8 Mr. D A R Fernando 24,000,000 2.40%9 Mr. S H S Mendis 24,000,000 2.40%10 Mr. S D Munasinghe 24,000,000 2.40%11 Employees Provident Fund 20,478,289 2.05%12 SEB AB-Tundra Sustainable Frontier Fund 19,282,027 1.93%13 Citi Bank Newyork S/A Norges Bank Account 2 16,241,069 1.62%14 Access Medical (Private) Limited 13,000,000 1.30%15 Nuwara Eliya Property Developers (Private) Limited 8,102,042 0.81%16 Mr. M J Fernando 7,102,869 0.71%17 Amaliya Private Limited 6,579,648 0.66%18

6,000,000 0.60%19 Deutsche Bank AG - National Equity Fund 5,850,000 0.59%20 Deutsche Bank AG AS Trustee For JB Vantage Value Equity Fund 5,072,312 0.51%

801,650,395 80.17%Others 198,349,605 19.83%Total 1,000,000,000 100.00%

RBC Investor Services Bank S.A.-Blackfriars Developing Markets Funds P.L.C. - Blackfriars Oriental Focus Fund

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09.4 Share Distribution

Shareholding as at 31st March 2019

From To No of Holders No of Shares %1 1,000 3,531 1,331,677 0.13%

1,001 10,000 2,396 10,101,404 1.01%10,001 100,000 977 32,002,664 3.20%

100,001 1,000,000 263 74,967,230 7.50%Over 1,000,000 59 881,597,025 88.16%

7,226 1,000,000,000 100%

Categories of Shareholders No of Holders No of Shares %Local Individuals 6,765 759,566,457 75.96%Local Institutions 372 167,849,752 16.78%Foreign Individuals 64 4,979,726 0.50%Foreign Institutions 25 67,604,065 6.76%

7,226 1,000,000,000 100%

09.5 Stated CapitalStated Capital is represented by number of shares in issue as given below.

As at 31st March 2019 31st March 2018

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Ordinary Shares 1,000,000,000 1,000,000,000

09.6 Market Price Per Share

In LKR 2018/19 4th Quarter2017/18 4th

Quarter

Highest 21 27Lowest 12.7 20.2Last Traded 13 20.5

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09.7 Debenture Information

Instrument TypeInterest

Frequency Coupon rate %Effective Annual

Yield %

IROCGS as at reporting date

%

Type 01 – 5 Years Tenor Semi-Annually 10.25 10.51 10.93




IROCGS - Interest rate of comparable government securities

Debt Security related ratios

For the Period ended / as at 31st March 2019 2018Debt to equity ratio 0 29 0 40

On 18th November 2015 Company issued fifty million (50,000,000) rated senior unsecured redeemable debentures to the value of Rupees five billion (LKR 5,000,000,000). These debentures are listed in the Colombo Stock Exchange.

Details regarding the listed debentures are as follows.

The Listed Debentures were not traded since issuing date. Therefore, Highest Traded price, Lowest Traded Price, Last Traded Price for the year ended 31st March 2019 and Yield to Maturity of trade were not available.

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Debt to equity ratio 0.29 0.40Quick assets ratio 1.51 1.3Interest cover 3.55 4.99

Utilization of funds raised via debenture issue is as follows.

% Utilization against allocation (B/A)

Objective Construction of Access Tower II at Union Place, Colombo 02

Urban Regeneration Project - Design and Construction of 941 Housing Units at Henamulla, Colombo 15

Amount allocated from proceeds in LKR (Mn) (A)

2,586 2,414

Amount utilized in LKR (Mn) (B) 2,586 2,414100% 100%

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CORPORATE INFORMATION

Name of CompanyAccess Engineering PLC

Registered officeAccess Engineering PLCAccess Tower,278, Union Place,Colombo 02.Tel: +94 11 7606606Fax: +94 11 7606605Web: www.accessengsl.comE-mail: [email protected]

Legal FormA Public Limited Liability Company incorporated in Sri Lanka on 31st July 2001 under the Companies Act No. 17 of 1982 and Re-registered under the Companies Act No. 07 of 2007 on 06th February 2008.

Ordinary Voting Shares are listed on the Main Board of the Colombo Stock Exchange.Rated Senior Unsecured Redeemable Debentures are listed on the Colombo Stock Exchange.

Company Registration Number

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P B 200 PQ

BankersBank of CeylonSampath Bank PLCHatton National Bank PLCNations Trust Bank PLCCommercial Bank of Ceylon PLCDFCC Bank PLCPeople's BankNational Development Bank PLCUnion Bank of Colombo PLCCargills Bank LimitedCAC International BankInternational Commercial BankSeylan Bank PLC

SecretariesP W Corporate Secretarial (Private) LimitedNo 3/17, Kynsey Road,Colombo 08.Tel: +94 11 4640360Fax: +94 11 4740588

AuditorsMessrs KPMGChartered Accountants32A, Sir Mohamed Macan Markar Mawatha,Colombo 03.Tel: +94 11 2426426Fax: +94 11 2445872

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Documents

Access Engineering PLC...Cash and cash equivalent at 31st March 2,158,599,384 829,386,236 1,075,663,900 577,006,066 Cash and cash equivalent includes bank overdrafts that are repayable